Word: bondses
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On Tuesday, Treasury Secretary Timothy Geithner is expected to announce the administration's plans for the second half of the $700 billion bank bailout approved by Congress last fall. The centerpiece is likely to be a government-backed aggregator bank (the much-discussed "bad bank"), which will provide financing and...
Pricing plain-vanilla mortgage-backed securities (MBS), which are based on thousands of home loans, isn't easy. But MBS are only the tip of the troubled bank iceberg. Lurking below are bonds that are more complicated, and much more difficult to value. Among the most confounding are collateralized debt...
It's these bonds that the government's aggregator bank will have to deal with first. In a November survey officers at the nation's largest banks said CDOs were among the assets they would most like to sell should the government begin buying troubled bonds.
Even among CDOs, Strata is more complicated than most. Unlike other bonds, it is not based on loans, but on bets other loans will go bust. Strata and its ilk were called synthetics, and could make up as much as a third of $1.5 trillion in CDOs issued in the...
The fallacy, says one Wall Street veteran I talked to, is that anyone who occupies one of those golden chairs - global equities, say, or convertible bonds - is almost guaranteed to bring in business and get paid for it. "I could put a monkey in that chair and get a certain...